I have news for you– your non-profit can be profitable! Many people start nonprofits or ministries because they want to make a difference. Money is not at the forefront of their mind; mission is. This is noble, but it is not sustainable or scalable. In order to expand your influence and ability to do good in the world, your nonprofit needs to grow its revenue just like a business.  In this blog post, we will explore strategies and approaches to help your nonprofit become profitable and secure the necessary resources to support your ministry.

1: Define Your Mission and Goals

Before diving into fundraising strategies, it’s important to have a clear understanding of your ministry’s mission and goals. Define the specific purpose of your organization and the outcomes you aim to achieve. This clarity will not only guide your fundraising efforts but also attract potential partners who align with your mission.

Pro-tip: In a nonprofit, your target audience is NOT the people you are helping. It’s the people who are going to pay for you to help those people. When you create your marketing strategy, make sure you are communicating to your partner/donors needs. Most of the time, they will partner with your nonprofit because they have a felt-need to make a difference and they want to connect with something they believe in. They may not have the time to start an organization themselves, but they can still be a part of the mission through a financial connection.

2: Develop a Comprehensive Fundraising Plan

Creating a well-rounded fundraising plan is crucial for the financial success of your nonprofit. Consider the following strategies:

• Individual Giving: Cultivate relationships with individuals who share your passion for the cause. Encourage regular donations, both one-time and recurring, and explore matching gift programs.
• Corporate Sponsorship: Seek partnerships with corporations that align with your mission. Offer sponsorship opportunities for events or specific programs in exchange for financial support or in-kind contributions.
• Grants and Foundations: Research and apply for grants from foundations that support causes similar to yours. Craft compelling grant proposals that clearly articulate the impact your ministry will have.
• Events and Fundraisers: Organize fundraising events, such as galas, auctions, or charity runs, to engage your community and attract donations. Consider virtual events as well to reach a wider audience. For example, WealthBuilders has at least four events a year, and that’s not including our international audience.
• Social Media and Online Giving: Leverage the power of social media platforms and online fundraising platforms to amplify your message and collect donations. Share impactful stories, testimonials, and progress updates to inspire donors to contribute.

Pro-tip: Cultivate partner relationships! Getting new donors/partners is just the first step. You also need a robust plan for keeping them! Recognize your supporters regularly, find ways to engage with and add value to them, and consider exclusive perks for your core partners.

3. Diversify Revenue Streams

Relying on a single funding source is risky, and it’s not the financial stewardship. Nonprofits (including churches) can own assets and have for-profit arms to generate more funding. This way, you’re not wholly dependent on partner support. Alternate revenue streams are a way to create products for a different target audience in the sector you’re helping through your nonprofit or ministry.

Explore opportunities to diversify your revenue streams, such as:

• Sell products related to your mission
• Create courses to teach people how-to do something related to your mission. For example, WealthBuilders has WealthBuilders University to help people build wealth through business, real estate, and investing.
• Create or acquire investments, such as real estate, that provide passive income 

Funding your ministry is a fundamental aspect of running a successful nonprofit. By defining your mission and goals, developing a comprehensive fundraising plan, and diversifying revenue streams, you can position your organization for long-term financial sustainability. Remember, profitability in the nonprofit sector allows you to fulfill your mission more effectively and create a lasting impact in the lives of those you serve.

Do you want to learn more about how to fund your ministry or nonprofit? Join our free webinar “Profitable Nonprofits” on August 16 at 4:00pm MT.